It has been some time since our last update which had not happened on account of the case languishing due to court vacations and non-listing of the matter.
Finally, the matter was posted before the Division Bench on 21.07.2016 for hearing but due to a procedural technicality the Judges re-posted the matter for hearing on 10.08.2016.
While the journey to Chennai seemed fruitless, several other aspects of the visit seemed to be fruitful. Firstly, while the Appellate Bench (Division Bench) seems lethargic, the new judge hearing the winding up matters seems pro-active and inclined to dispense justice in a speedier sense. We have seen several investors have filed cases and urge others to follow suit. This will in turn put pressure on the Appellate Bench and result in complete justice. Secondly, NCLT (National Company Law Tribunal) has started functioning in Chennai. This body is intended to replace CLB (Company Law Board) and give speedier justice especially in cases where companies are not honoring fixed deposits taken from public investors. However, we are yet to get complete details on the powers, functions, jurisdiction and scope of the NCLT. We will keep you posted once the same is obtained.